MIRA INFORM REPORT

Report No. :	305683
Report Date :	06.02.2015

IDENTIFICATION DETAILS

Name :	ADHUNIK CORPORATION LIMITED

Registered Office :	14 N S Road, 2^nd Floor, Kolkata-700010, West Bengal

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	02.02.1996

Com. Reg. No.:	21-076992

Capital Investment / Paid-up Capital :	Rs. 314.759 Millions

CIN No.: [Company Identification No.]	U27106WB1996PLC076992

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	CALA04550A

PAN No.: [Permanent Account No.]	AABCB4521H

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Subject is primarily engaged in the Manufacture and Sale of Steels Product.

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 4500000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

LOCATIONS

Registered Office :	14 N S Road, 2^nd Floor, Kolkata-700010, West Bengal, India
Tel. No.:	91-2243-4355/2242-8551/33-30517100
Fax No.:	91-33-22890285
E-Mail :	bharatagarwal@adhunikgroup.co.in
Website :	info@adhunikgroup.com

Factory :	Haniman Sarani, Angadpur, Durgapur – 713215, West Bengal, India
Tel. No.:	91-343-2590831/1840 R – 91-343-258715/8672

Corporate Office :	Lansdowne Towers, 2/1A, Sarat Bose Road – 700020, Kolkata, India
Tel. No.:	91-33-30517100
Fax No.:	91-33-2289
E-Mail :	info@adhunikgroup.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Ghanshyam Agarwal

Designation :

Director

Address :

BA-209, Salt Lake City, Kolkata-700064, West Bengal, India

Date of Birth/Age :

16.10.1957

Date of Appointment :

01.04.2000

DIN No.:

00507800

Voter ID No.:

ACUPA0872G

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partnr	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27109WB1992PLC055488	AADHUNIK STEELS LTD.	Director	27/09/2012	20/05/1992	-	Active	NO
2	U27109WB1999PTC089773	NEEPAZ TUBE PRIVATE LIMITED	Director	02/07/1999	02/07/1999	-	Amalgamated	NO
3	U65993WB1994PTC062157	SUVARNAPUSPA INVESTMENT PVT LTD	Director	28/02/2000	28/02/2000	-	Amalgamated	NO
4	U27106WB1996PLC076992	ADHUNIK CORPORATION LIMITED	Director	01/04/2000	01/04/2000	-	Active	NO
5	U27101ML2000PTC006356	ADHUNIK MEGHALAYA STEELS PRIVATE LIMITED	Director	14/11/2000	14/11/2000	-	Active	NO
6	L28110OR2001PLC017271	ADHUNIK METALIKS LIMITED	Director	20/11/2001	20/11/2001	-	Active	NO
7	U27209WB2002PTC095080	SRI M P ISPAT & POWER PRIVATE LIMITED	Director	29/08/2002	29/08/2002	-	Amalgamated	NO
8	U52392WB2003PLC095975	ADHUNIK INFOTECH LIMITED	Director	31/03/2003	31/03/2003	-	Active	NO
9	U26942ML2003PLC007090	ADHUNIK CEMENT LIMITED	Director	01/05/2003	01/05/2003	28/09/2012	Active	NO
10	U27104WB2003PLC096616	ADHUNIK ALLOYS & POWER LIMITED	Director	22/07/2003	22/07/2003	-	Active	NO
11	U65993WB1994PLC066223	SUNGROWTH SHARE & STOCKS LIMITED.	Director	28/07/2003	28/07/2003	-	Active	NO
12	L65921WB1979PLC032200	ADHUNIK INDUSTRIES LIMITED	Director	27/08/2003	27/08/2003	25/03/2008	Active	NO
13	U51909WB1995PLC070966	MAHANANDA SUPPLIERS LTD.	Managing director	01/04/2014	01/12/2004	-	Active	NO
14	U40101WB2005PLC102934	NEEPAZ POWER LIMITED	Director	03/05/2005	03/05/2005	25/03/2008	Active	NO
15	U40101WB2005PLC102935	ADHUNIK POWER & NATURAL RESOURCES LIMITED	Director	03/05/2005	03/05/2005	-	Active	NO
16	U70101WB2005PLC105172	ADHUNIK SHRISTI & POWER TRADING COMPANY LIMITED	Director	05/09/2005	05/09/2005	30/03/2010	Active	NO
17	U45203WB2006PLC111423	NEEPAZ INFRASTRUCTURE & DEVELOPERS LIMITED	Director	20/09/2006	20/09/2006	03/10/2008	Active	NO
18	U28920WB1991PLC052122	Adhunik Power Transmission Limited.	Director	24/12/2006	24/12/2006	30/03/2010	Active	NO
19	U13201OR1953PLC017027	ORISSA MANGANESE & MINERALS LTD	Director	05/04/2007	05/04/2007	-	Active	NO
20	U28910MH2004PLC207333	FIRST FORGE LIMITED	Director	04/10/2007	04/10/2007	26/04/2012	Active	NO
21	U15141WB1992PTC056803	KESAR OIL COMPANY PVT. LTD.	Director	10/01/2008	10/01/2008	-	Amalgamated	NO
22	U15491WB1992PTC056802	KESAR TEA COMPANY PVT. LTD.	Director	10/01/2008	10/01/2008	-	Amalgamated	NO
23	U14219WB2008PLC124324	VASUNDHRA RESOURCES LIMITED	Director	19/03/2008	19/03/2008	25/03/2008	Active	NO
24	U45400WB2007PTC117368	SPECTURM COMPLEX PRIVATE LIMITED	Director	01/04/2008	01/04/2008	01/11/2013	Active	NO
25	U26959AS2008PLC008717	ADHUNIK MSP CEMENT (ASSAM) LIMITED	Director	26/06/2008	26/06/2008	27/09/2012	Active	NO
26	U51909WB2006PLC108516	PERFORMANCE MARKETING LTD	Director	29/09/2008	08/08/2008	30/03/2010	Active	NO
27	U10101ML2009PTC008382	West Khashi Minerals & Mining Private Limited	Director	14/10/2009	14/10/2009	15/06/2010	Active	NO
28	U10101ML2009PTC008383	RIBHOI MINING & MINERALS PRIVATE LIMITED	Director	14/10/2009	14/10/2009	-	Active	NO
29	U14200AS2010PTC009783	SONAPAHAR NATURAL RESOURCES PRIVATE LIMITED	Director	26/02/2010	26/02/2010	15/06/2010	Active	NO
30	U27100OR2010PTC012205	NEEPAZ B C DAGARA STEELS PRIVATE LIMITED	Director	06/07/2010	06/07/2010	-	Active	NO
31	U93090WB2013NPL193920	LANSDOWNE TOWERS OWNERS ASSOCIATION	Director	29/05/2013	29/05/2013	-	Active	NO

Name :

Mr. Jugal Kishore Agarwal

Designation :

Director

Address :

BA-209, Salt Lake City, Kolkata-700064, West Bengal, India

Date of Birth/Age :

05.10.1951

Date of Appointment :

03.05.2003

DIN No.:

00227460

Voter ID No.:

ADCPS9670K

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ DesignatedPartner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27109WB1992PLC055488	AADHUNIK STEELS LTD.	Director	27/09/2012	20/05/1992	-	Active	NO
2	U65993WB1994PTC062157	SUVARNAPUSPA INVESTMENT PVT LTD	Director	28/02/2000	28/02/2000	-	Amalgamated	NO
3	U27101WB2002PLC094691	ADHUNIK ISPAT LIMITED	Managing director	28/05/2002	28/05/2002	-	Amalgamated	NO
4	U52392WB2003PLC095975	ADHUNIK INFOTECH LIMITED	Director	29/09/2010	31/03/2003	-	Active	NO
5	U26942ML2003PLC007090	ADHUNIK CEMENT LIMITED	Director	01/05/2003	01/05/2003	28/09/2012	Active	NO
6	U27106WB1996PLC076992	ADHUNIK CORPORATION LIMITED	Director	03/05/2003	03/05/2003	-	Active	NO
7	L28110OR2001PLC017271	ADHUNIK METALIKS LIMITED	Director	02/06/2003	02/06/2003	-	Active	NO
8	U27104WB2003PLC096616	ADHUNIK ALLOYS & POWER LIMITED	Director	22/07/2003	22/07/2003	-	Active	NO
9	L65921WB1979PLC032200	ADHUNIK INDUSTRIES LIMITED	Managing director	30/11/2014	27/08/2003	-	Active	NO
10	U65993WB1994PLC066223	SUNGROWTH SHARE & STOCKS LIMITED.	Director	01/09/2003	01/09/2003	-	Active	NO
11	U27101ML2000PTC006356	ADHUNIK MEGHALAYA STEELS PRIVATE LIMITED	Director	22/06/2004	22/06/2004	15/06/2010	Active	NO
12	U51909WB1995PLC070966	MAHANANDA SUPPLIERS LTD.	Director	01/12/2004	01/12/2004	-	Active	NO
13	U40101WB2005PLC102934	NEEPAZ POWER LIMITED	Director	03/05/2005	03/05/2005	30/03/2010	Active	NO
14	U40101WB2005PLC102935	ADHUNIK POWER & NATURAL RESOURCES LIMITED	Director	03/05/2005	03/05/2005	-	Active	NO
15	U70101WB2005PLC105172	ADHUNIK SHRISTI & POWER TRADING COMPANY LIMITED	Director	05/09/2005	05/09/2005	30/03/2010	Active	NO
16	U45203WB2006PLC111423	NEEPAZ INFRASTRUCTURE & DEVELOPERS LIMITED	Director	20/09/2006	20/09/2006	03/10/2008	Active	NO
17	U13201OR1953PLC017027	ORISSA MANGANESE & MINERALS LTD	Director	05/04/2007	05/04/2007	-	Active	NO
18	U15491WB1992PTC056802	KESAR TEA COMPANY PVT. LTD.	Director	10/01/2008	10/01/2008	-	Amalgamated	NO
19	U15141WB1992PTC056803	KESAR OIL COMPANY PVT. LTD.	Director	10/01/2008	10/01/2008	-	Amalgamated	NO
20	U14219WB2008PLC124324	VASUNDHRA RESOURCES LIMITED	Director	19/03/2008	19/03/2008	25/03/2008	Active	NO
21	U26959AS2008PLC008717	ADHUNIK MSP CEMENT (ASSAM) LIMITED	Director	26/06/2008	26/06/2008	27/09/2012	Active	NO
22	U27100WB2009PLC137300	SWARNREKHA STEEL INDUSTRIES LIMITED	Director	29/07/2009	29/07/2009	-	Active	NO
23	U45400WB2007PTC117368	SPECTURM COMPLEX PRIVATE LIMITED	Director	29/09/2009	03/08/2009	01/11/2013	Active	NO
24	U10101ML2009PTC008383	RIBHOI MINING & MINERALS PRIVATE LIMITED	Director	14/10/2009	14/10/2009	-	Active	NO
25	U10100WB2009PLC140050	MOIRA MADHUJORE COAL LIMITED	Director	09/12/2009	09/12/2009	-	Active	NO
26	U27100OR2010PTC012205	NEEPAZ B C DAGARA STEELS PRIVATE LIMITED	Director	06/07/2010	06/07/2010	-	Active	NO
27	U13209WB2010PTC154485	GADCHIROLI MINING COMPANY PRIVATE LIMITED	Director	08/11/2010	08/11/2010	-	Active	NO
28	U74140WB2004PLC099957	HANUMAN ADVISORY LIMITED	Director	29/09/2012	07/03/2012	-	Active	NO
29	U74140WB2004PLC099958	GAJESHWAR ADVISORY LIMITED	Director	29/09/2012	07/03/2012	-	Active	NO
30	U51909WB2006PTC108140	ARAVALI MERCHANTS PVT LTD	Director	29/09/2012	07/03/2012	-	Active	NO
31	U26960WB2013PTC198516	KOLKATA GLASS & CERAMICS PRIVATE LIMITED	Director	20/11/2013	20/11/2013	-	Active	NO

Name :

Mr. Mahesh Kumar Agarwal

Designation :

Managing Director

Address :

BA-209, Salt Lake City, Kolkata-700064, West Bengal, India

Date of Birth/Age :

10.05.1966

Date of Appointment :

20.04.2014

DIN No.:

00507690

Voter ID No.:

ABCPA9259J

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ DesignatedPartner	Date of appointment at currentdesignation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27109WB1992PLC055488	AADHUNIK STEELS LTD.	Director	30/09/2011	16/01/1995	20/12/2011	Active	NO
2	U27107WB1995PLC076049	FUTURISTIC STEEL LTD.	Director	18/12/1995	18/12/1995	08/11/2010	Active	NO
3	U65993WB1994PTC062157	SUVARNAPUSPA INVESTMENT PVT LTD	Director	28/02/2000	28/02/2000	-	Amalgamated	NO
4	U27101ML2000PTC006356	ADHUNIK MEGHALAYA STEELS PRIVATE LIMITED	Director	14/11/2000	14/11/2000	-	Active	NO
5	U27106WB1996PLC076992	ADHUNIK CORPORATION LIMITED	Managing director	20/04/2014	05/03/2001	-	Active	NO
6	U27209WB2002PTC095080	SRI M P ISPAT & POWER PRIVATE LIMITED	Director	29/08/2002	29/08/2002	-	Amalgamated	NO
7	U52392WB2003PLC095975	ADHUNIK INFOTECH LIMITED	Director	31/03/2003	31/03/2003	05/12/2011	Active	NO
8	U26942ML2003PLC007090	ADHUNIK CEMENT LIMITED	Additional director	25/03/2013	01/05/2003	12/04/2013	Active	NO
9	U27104WB2003PLC096616	ADHUNIK ALLOYS & POWER LIMITED	Director	22/07/2003	22/07/2003	-	Active	NO
10	U65993WB1994PLC066223	SUNGROWTH SHARE & STOCKS LIMITED.	Director	28/07/2003	28/07/2003	-	Active	NO
11	L65921WB1979PLC032200	ADHUNIK INDUSTRIES LIMITED	Director	27/08/2003	27/08/2003	-	Active	NO
12	U51909WB1995PLC070966	MAHANANDA SUPPLIERS LTD.	Director	01/12/2004	01/12/2004	-	Active	NO
13	U27101WB2002PLC094691	ADHUNIK ISPAT LIMITED	Director	01/01/2005	01/01/2005	-	Amalgamated	NO
14	U40101WB2005PLC102934	NEEPAZ POWER LIMITED	Director	03/05/2005	03/05/2005	05/12/2011	Active	NO
15	U40101WB2005PLC102935	ADHUNIK POWER & NATURAL RESOURCES LIMITED	Director	03/05/2005	03/05/2005	-	Active	NO
16	U70101WB2005PLC105172	ADHUNIK SHRISTI & POWER TRADING COMPANY LIMITED	Director	05/09/2005	05/09/2005	13/12/2010	Active	NO
17	U13100OR2006PTC008672	PATRAPADA COAL MINING COMPANY PRIVATE LIMITED	Nominee director	10/04/2006	10/04/2006	-	Strike off	NO
18	U27102WB2004PTC097594	BENGAL SPONGE MANUFACTURERS MINING PRIVATE LIMITED	Director	27/07/2006	27/07/2006	03/11/2008	Active	NO
19	U45203WB2006PLC111423	NEEPAZ INFRASTRUCTURE & DEVELOPERS LIMITED	Director	20/09/2006	20/09/2006	03/10/2008	Active	NO
20	L28110OR2001PLC017271	ADHUNIK METALIKS LIMITED	Director	28/12/2006	28/12/2006	-	Active	NO
21	U13201OR1953PLC017027	ORISSA MANGANESE & MINERALS LTD	Director	05/04/2007	05/04/2007	-	Active	NO
22	U14219WB2008PLC124324	VASUNDHRA RESOURCES LIMITED	Director	19/03/2008	19/03/2008	01/02/2012	Active	NO
23	U45201AS2008PTC008718	MEGHTECH INFRASERVICES PRIVATE LIMITED	Director	26/06/2008	26/06/2008	15/12/2010	Active	NO
24	U26959AS2008PLC008717	ADHUNIK MSP CEMENT (ASSAM) LIMITED	Director	26/06/2008	26/06/2008	27/09/2012	Active	NO
25	U27100WB2009PLC137300	SWARNREKHA STEEL INDUSTRIES LIMITED	Director	29/07/2009	29/07/2009	13/12/2010	Active	NO
26	U45400WB2007PTC117368	SPECTURM COMPLEX PRIVATE LIMITED	Director	29/09/2009	03/08/2009	12/04/2012	Active	NO
27	U10100WB2009PLC140050	MOIRA MADHUJORE COAL LIMITED	Director	09/12/2009	09/12/2009	-	Active	NO
28	U13209WB2010PTC154485	GADCHIROLI MINING COMPANY PRIVATE LIMITED	Director	08/11/2010	08/11/2010	-	Active	NO
29	U17200WB1989PLC101348	ARENA TEXTILES AND INDUSTRIES LIMITED	Director	29/09/2012	07/09/2012	-	Active	NO
30	U26960WB2013PTC198516	KOLKATA GLASS & CERAMICS PRIVATE LIMITED	Director	20/11/2013	20/11/2013	-	Active	NO

Name :

Mr. Mohan Agarwal

Designation :

Director

Address :

BA-209, Salt Lake City, Kolkata-700064, West Bengal, India

Date of Birth/Age :

10.05.1965

Date of Appointment :

02.02.1996

DIN No.:

01047906

Voter ID No.:

ACVPS7179F

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ DesignatedPartner	Date of appointment at current designation	Originaldate of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27109WB1992PLC055488	AADHUNIK STEELS LTD.	Director	27/09/2012	16/01/1995	-	Active	NO
2	U27106WB1996PLC076992	ADHUNIK CORPORATION LIMITED	Director	02/02/1996	02/02/1996	-	Active	NO
3	U27101ML2000PTC006356	ADHUNIK MEGHALAYA STEELS PRIVATE LIMITED	Director	14/11/2000	14/11/2000	15/06/2010	Active	NO
4	U52392WB2003PLC095975	ADHUNIK INFOTECH LIMITED	Director	09/04/2003	09/04/2003	30/03/2010	Active	NO
5	U65993WB1994PLC066223	SUNGROWTH SHARE & STOCKS LIMITED.	Director	28/07/2003	28/07/2003	-	Active	NO
6	L65921WB1979PLC032200	ADHUNIK INDUSTRIES LIMITED	Director	27/08/2003	27/08/2003	-	Active	NO
7	L28110OR2001PLC017271	ADHUNIK METALIKS LIMITED	Director	15/09/2003	15/09/2003	-	Active	NO
8	U51909WB1995PLC070966	MAHANANDA SUPPLIERS LTD.	Director	01/12/2004	01/12/2004	-	Active	NO
9	U40101WB2005PLC102934	NEEPAZ POWER LIMITED	Director	03/05/2005	03/05/2005	30/03/2010	Active	NO
10	U40101WB2005PLC102935	ADHUNIK POWER & NATURAL RESOURCES LIMITED	Director	03/05/2005	03/05/2005	-	Active	NO
11	U70101WB2005PLC105172	ADHUNIK SHRISTI & POWER TRADING COMPANY LIMITED	Director	21/09/2012	05/09/2005	-	Active	NO
12	U27107WB1995PLC076049	FUTURISTIC STEEL LTD.	Managing director	01/04/2011	01/04/2006	23/08/2014	Active	NO
13	U27109OR2006PLC017026	ZION STEEL LIMITED	Director	16/08/2006	16/08/2006	-	Active	NO
14	U45203WB2006PLC111423	NEEPAZ INFRASTRUCTURE & DEVELOPERS LIMITED	Director	20/09/2006	20/09/2006	03/10/2008	Active	NO
15	U27104WB2003PLC096616	ADHUNIK ALLOYS & POWER LIMITED	Director	16/03/2007	16/03/2007	-	Active	NO
16	U13201OR1953PLC017027	ORISSA MANGANESE & MINERALS LTD	Director	05/04/2007	05/04/2007	-	Active	NO
17	U27109OR1991PLC002859	VEDVYAS ISPAT LIMITED	Additional director	15/08/2007	15/08/2007	-	Amalgamated	NO
18	U26942ML2003PLC007090	ADHUNIK CEMENT LIMITED	Director	01/12/2007	01/12/2007	28/09/2012	Active	NO
19	U14219WB2008PLC124324	VASUNDHRA RESOURCES LIMITED	Director	19/03/2008	19/03/2008	30/03/2010	Active	NO
20	U26959AS2008PLC008717	ADHUNIK MSP CEMENT (ASSAM) LIMITED	Director	26/06/2008	26/06/2008	30/03/2010	Active	NO
21	U14200AS2010PTC009783	SONAPAHAR NATURAL RESOURCES PRIVATE LIMITED	Director	26/02/2010	26/02/2010	-	Active	NO
22	U51909WB2006PLC108516	PERFORMANCE MARKETING LTD	Director	26/09/2011	02/04/2011	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders		No. of Shares
Jugal Kishore Agarwal		1132000
Jugal Kishore Agarwal (HUF)		32000
Naveen Kumar Agarwal		289010
Smita Agarwal		53879
Sachin Kumar Agarwal		122500
Ghanshyam Das Agarwal		1456713
G.D. Agarwal (HUF)		26400
Meena Agarwal		955973
Nirmal Kumar Agarwal		944889
Nirmal Kumar Agarwal (HUF)		14000
Anita Agarwal		483500
AKarsh Nidhi		39000
Akriti nidhi		35000
Mohan Lal Agarwal		2252889
Rita Agarwal		618000
Aakaksha Nidhi		35000
Chirag Nidhi		33000
Mahesh Kumar Agarwal		1698889
Mahesh Kumar Agarwal(HUF)		16000
Chandrakanta Agarwal		100000
Vaibhav Nidhi		19000
Mayank Nidhi		33000
Manj Kumar Agarwal		1114890
Sonika Agarwal		2000
Malvika Nidhi		39500
Futuristics Steels Limited, India		157245
Adhunik Steels Limited, India		9299156
Mahananda Suppliers Limited, India		908130
Sungrowth Share and Stocks Limited, India		9564302

Total		31475865

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	63.31
Directors or relatives of Directors	36.69
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is primarily engaged in the Manufacture and Sale of Steels Product.

Products :

Product Description	Item Code No. (ITC Code)
Iron and Steel	7207

Brand Names :

Not Divulged

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

Not Available

Bankers :

Punjab National Bank, Shakespeare Sarani, 52a, Shakespeare Sarani, Kolkata - 700017, West Bengal, India

Canara Bank Brabourne Road Branch, 2, Brabourne Road, Kolkata - 700001, West Bengal, India

State Bank Of Mysore 180 Rash Behari Avenue, Kolkata - 700029, West Bengal, India

ICICI Bank, Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee Term Loan from banks	38.982	64.258
Deferred payment liabilities	21.509	21.715
	60.491	85.973
SHORT TERM BORROWING
Working Capital Loan from banks	556.415	529.797

Total	616.906	615.770

Financial Intuition :	L and T, Ballard Estate, Mumbai – 400001, Maharashtra, India

Auditors :
Name :	N D Mimani and Associates Chartered Accountants
Address :	29B, Rabindra Sarani, Room No 23 (W) 3^rd Floor, Kolkata – 700073, West Bengal India
PAN No.:	AAGFN9393P

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

32000000	Equity Shares	Rs.10/- each	Rs. 320.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

31475865	Equity Shares	Rs.10/- each	Rs. 314.759 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	314.759	314.759	314.758
(b) Reserves & Surplus	1271.975	1222.428	1177.342
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.950
Total Shareholders’ Funds (1) + (2)	1586.734	1537.187	1493.050

(3) Non-Current Liabilities
(a) long-term borrowings	65.132	99.341	211.088
(b) Deferred tax liabilities (Net)	111.435	114.350	115.261
(c) Other long term liabilities	60.892	54.438	42.561
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	237.459	268.129	368.910

(4) Current Liabilities
(a) Short term borrowings	556.415	529.797	505.671
(b) Trade payables	172.677	215.535	193.296
(c) Other current liabilities	137.770	142.967	170.643
(d) Short-term provisions	1.568	1.478	1.163
Total Current Liabilities (4)	868.430	889.777	870.773

TOTAL	2692.623	2695.093	2732.733

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	609.579	624.664	670.655
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	615.458	597.335	552.980
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	25.535	24.536	45.536
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	31.980	30.144	26.255
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1282.552	1276.679	1295.426

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	501.174	634.909	601.643
(c) Trade receivables	438.155	379.995	372.621
(d) Cash and cash equivalents	140.360	54.843	47.008
(e) Short-term loans and advances	330.382	348.667	416.035
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1410.071	1418.414	1437.307

TOTAL	2692.623	2695.093	2732.733

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	2792.694	3056.258	2736.503
	Other Income	7.694	3.697	4.476
	TOTAL (A)	2800.388	3059.955	2740.979

Less	EXPENSES
	Cost of Materials Consumed	2148.336	2591.254	2161.873
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(166.096)	(101.340)	135.935
	Employees benefits expense	11.119	9.670	11.281
	Other expenses	592.951	358.089	241.658
	TOTAL (B)	2586.310	2857.673	2550.747

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	214.078	202.282	190.232

Less	FINANCIAL EXPENSES (D)	104.016	98.420	93.663

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	110.062	103.862	96.569

Less/ Add	DEPRECIATION/ AMORTISATION (F)	48.164	47.666	41.714

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	61.898	56.196	54.855

Less	TAX (I)	12.352	11.110	12.686

	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	49.546	45.086	42.169

	Earnings / (Loss) Per Share (Rs.)	1.57	1.43	1.52

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.77	1.48	1.54

Operating Profit Margin (PBDIT / Sales)	(%)	7.67	6.62	6.95

Return on Total Assets (PBT/Total Assets}	(%)	3.02	2.71	2.57

Return on Investment (ROI) (PBT/Networth)		0.04	0.04	0.04

Debt Equity Ratio (Total Debt /Networth)		0.39	0.41	0.48

Current Ratio (Current Asset/Current Liability)		1.62	1.59	1.65

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	314.758	314.759	314.759
Reserves & Surplus	1177.342	1222.428	1271.975
Share Application money pending allotments	0.950	0.000	0.000
Net worth	1492.100	1537.187	1586.734

long-term borrowings	211.088	99.341	65.132
Short term borrowings	505.671	529.797	556.415
Total borrowings	716.759	629.138	621.547
Debt/Equity ratio	0.480	0.409	0.392

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2736.503	3056.258	2792.694
		11.685	(8.624)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2736.503	3056.258	2792.694
Profit	42.169	45.086	49.546
	1.54%	1.48%	1.77%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Intercorporate Borrowing	4.641	13.368

Total	4.641	13.368

OPERATIONS:

The performance of their steel business has been modest given the challenges in the steel sector. While their focus on backward integration is partially mitigated by availability of raw materials from group companies, they continue to focus on bringing in efficiencies to improve overall corporate performance. The Company experienced growth in profit as compared to previous years due to improvement in the overall market scenario and recorded a profit of Rs. 4954.600 Miilions

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10365361	12/06/2012	170,000,000.00	L & T FINANCE LIMITED	L&T HOUSE, BALLARD ESTATE,, MUMBAI, Maharashtra - 400001, INDIA	B43575216
2	10234043	11/08/2010	32,600,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	A91509042
3	10203470	26/02/2010	5,620,000,000.00	PUNJAB NATIONAL BANK (Lead Bank)	SHAKESPEARE SARANI, 52A, SHAKESPEARE SARANI, KOLKATA, West Bengal - 700017, INDIA	A80094873
4	10161688	28/05/2009	845,000,000.00	STATE BANK OF INDIA (LEAD BANK)	COMMERCIAL BRANCH,KOLKATA, 24, PARK STREET, KOLKATA, West Bengal - 700016, INDIA	A62680640
5	10161606	27/03/2009	135,000,000.00	CANARA BANK	BRABOURNE ROAD BRANCH, 2, BRABOURNE ROAD, KOLKATA, West Bengal - 700001, INDIA	A62354782
6	10077050	16/08/2010 *	770,000,000.00	STATE BANK OF INDIA (LEAD BANK)	Commercial Branch, Kolkata, 24, Park Street, Kolkata, West Bengal - 700016, INDIA	A92985068
7	90248792	23/02/2009 *	710,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH,KOLKATA, 24, PARK STREET, KOLKA TA, West Bengal - 700016, INDIA	A57900235

* Date of charge modification

FIXED ASSETS

Land
Buildings
Factory building
Plant and equipment
Furniture and fixtures
Furniture and fixtures

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.68
UK Pound	1	Rs.93.53
Euro	1	Rs.70.75

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

Unit